Ï㽶ÊÓƵ Announces Conclusion of Memorandum of Understanding on Comprehensive and Strategic Cooperation with Russian Machines, GAZ Group, and Isuzu Motors
September 4, 2015
Ï㽶ÊÓƵ (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter ¡°Ï㽶ÊÓƵ¡±) announced today that it has signed a memorandum of understanding with three companies with a view to creating a comprehensive and strategic cooperation. The three companies are RUSSIAN MACHINES (headquartered in Moscow, Russian Federation), which develops and expands machine building business under BASIC ELEMENT group in Russia (headquartered in Moscow, Russian Federation); GAZ GROUP, the Russian largest commercial vehicle manufacturer (hereinafter ¡°GAZ¡±); and Isuzu Motors Limited (headquartered in Shinagawa-ku, Tokyo; Masanori Katayama, President & CEO; hereinafter ¡°Isuzu¡±).
Moving forward, Ï㽶ÊÓƵ will collaborate in all aspects related to the supply and installation of Isuzu-manufactured engines and other major components in the main vehicle models manufactured by GAZ, which produces and sells approximately 100,000 commercial vehicles in Russian market.
In addition, the company will investigate possibility for sales of the vehicles equipped with Isuzu engines and components, which are jointly developed by GAZ and Isuzu, through the Ï㽶ÊÓƵ¡¯s sales network.
Profile of BASIC ELEMENT
| Name of company | BASIC ELEMENT¡¡( ) |
|---|---|
| Location | Moscow, Russian Federation |
| Representative | Oleg Deripaska |
| Business |
Energy and mining, machine building, construction and real estate, financial service, aerospace, agriculture, etc. |
| Date established | 2001 |
| Shareholders | Oleg Deripaska, etc. |
Profile of RUSSIAN MACHINES
| Name of company | RUSSIAN MACHINES¡¡( ) |
|---|---|
| Location | Moscow, Russian Federation |
| Representative | Manfred Eibeck |
| Business |
Automotive OEM and components, engineering and service for railroad equipment, aircraft, road construction equipment, agricultural equipment, etc. |
| Date established | 2011 |
| Shareholders | BASIC ELEMENT LLC 60% |
Profile of GAZ GROUP
| Name of company | GAZ GROUP¡¡( ) |
|---|---|
| Location | Nizhny Novgorod, Russian Federation |
| Representative | Vadim Sorokin |
| Business |
Manufacturing, development and sale of commercial vehicles |
| Date established | 2005 |
| Shareholders | RUSSIAN MACHINES 61.05% |